Beam Therapeutics (NASDAQ:BEAM) Receives “Buy” Rating from Guggenheim

Guggenheim reissued their buy rating on shares of Beam Therapeutics (NASDAQ:BEAM) in a research note published on Thursday morning,Benzinga reports. Guggenheim currently has a $78.00 price objective on the stock.

A number of other equities research analysts have also issued reports on BEAM. Wedbush reaffirmed an “outperform” rating and set a $57.00 price objective on shares of Beam Therapeutics in a report on Monday, January 13th. Cantor Fitzgerald upgraded Beam Therapeutics from a “neutral” rating to an “overweight” rating in a research report on Wednesday, January 29th. Royal Bank of Canada increased their target price on Beam Therapeutics from $24.00 to $26.00 and gave the company a “sector perform” rating in a research report on Wednesday. HC Wainwright reiterated a “buy” rating and set a $80.00 target price on shares of Beam Therapeutics in a research report on Monday, February 3rd. Finally, Leerink Partners upgraded Beam Therapeutics from a “market perform” rating to an “outperform” rating and increased their target price for the company from $27.00 to $39.00 in a research report on Wednesday, November 6th. Two equities research analysts have rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $50.90.

Beam Therapeutics Price Performance

Shares of BEAM opened at $27.11 on Thursday. Beam Therapeutics has a 1 year low of $20.84 and a 1 year high of $45.79. The company has a 50 day simple moving average of $27.22 and a two-hundred day simple moving average of $25.91. The firm has a market cap of $2.24 billion, a P/E ratio of -15.40 and a beta of 1.92.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings data on Tuesday, February 25th. The company reported ($1.09) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.25) by $0.16. Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The business had revenue of $30.00 million during the quarter, compared to analyst estimates of $16.47 million. During the same period last year, the firm posted $1.73 EPS. The company’s revenue was down 90.5% on a year-over-year basis. On average, sell-side analysts anticipate that Beam Therapeutics will post -4.57 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO John M. Evans sold 30,000 shares of the firm’s stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $26.75, for a total value of $802,500.00. Following the completion of the sale, the chief executive officer now directly owns 908,659 shares in the company, valued at $24,306,628.25. This trade represents a 3.20 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Christine Bellon sold 1,241 shares of Beam Therapeutics stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $24.68, for a total value of $30,627.88. Following the sale, the insider now owns 102,968 shares of the company’s stock, valued at approximately $2,541,250.24. This trade represents a 1.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 4.20% of the stock is owned by corporate insiders.

Institutional Trading of Beam Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in the business. Horizon Kinetics Asset Management LLC lifted its position in shares of Beam Therapeutics by 4.4% during the fourth quarter. Horizon Kinetics Asset Management LLC now owns 9,597 shares of the company’s stock worth $238,000 after purchasing an additional 403 shares during the last quarter. Summit Investment Advisors Inc. lifted its position in shares of Beam Therapeutics by 6.6% during the fourth quarter. Summit Investment Advisors Inc. now owns 7,999 shares of the company’s stock worth $198,000 after purchasing an additional 496 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Beam Therapeutics by 2.5% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 21,396 shares of the company’s stock worth $524,000 after purchasing an additional 516 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Beam Therapeutics by 21.3% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,981 shares of the company’s stock worth $75,000 after purchasing an additional 524 shares during the last quarter. Finally, Martingale Asset Management L P lifted its position in shares of Beam Therapeutics by 8.6% during the fourth quarter. Martingale Asset Management L P now owns 11,438 shares of the company’s stock worth $284,000 after purchasing an additional 909 shares during the last quarter. 99.68% of the stock is currently owned by institutional investors.

Beam Therapeutics Company Profile

Beam Therapeutics Inc, a biotechnology company, engages in the development of precision genetic medicines for patients suffering from serious diseases in the United States. It develops BEAM-101 for the treatment of sickle cell disease or beta-thalassemia; and BEAM-302, a liver-targeting LNP formulation to treat severe alpha-1 antitrypsin deficiency; BEAM-201, an anti-CD7 CAR-T product candidate, which is in Phase 1/2 clinical trials for the treatment of refractory T-cell acute lymphoblastic leukemia/T cell lymphoblastic lymphoma; and BEAM-301, a liver-targeting LNP formulation for the treatment of glycogen storage disease 1a.